7 Tax Deductible Branding Expenses
I couldn’t resist giving you a list of brand expenses that you can deduct in your business! I actually love tax time because it gives me a chance to evaluate how I’ve done the previous year and also shows me what I need to do to transform and upgrade my business for the current year. Oddly, I also like to see how much I owe, because the more I owe, the more money I made. Please remember I am a brand consultant, and not a tax accountant, so this is simply advice on what you can consider. Your situation in business may or may not apply to the insight I have here. This list of deductions are those that are typical for me and my clients:
1) Your Website Domain Renewal, Hosting, Design and/or Maintenance Fees. Anything that you’ve spent for keeping your online presence is a deductible expense. You already know having a website is a necessity, not a luxury, so the next time your site is up for a re-brand or revision, keep the receipts and remember it benefits you in more ways than one.
2) Promotional Items: Customized or standard products (such as magnets, pens, notebooks, coffee mugs) that you purchase to introduce clients to your business, suggest usage, increase sales or maintain sales.
3) Dollars spent for Facebook advertising: Facebook ads are included in general advertising, so you can deduct these expenses. To see at a glance how much money you’ve spent simply log into your Facebook account, go to the very bottom of the page and click “advertising” and then on the left hand side view “billing” to see your lifetime billing summary.
4) Your Business Cards, Brochures, Letterhead, Envelopes and Postcards: These are standard business expenses. You should have re-ordered your cards at least 3 times last year, if not, you MUST start networking more. Oh, and be sure to deduct the post you used to send out those letters as well! Don’t be afraid to be reach out and touch someone, in more ways than one. Your marketplace is actually depending on it.
5) Subscriptions: Including your ezine provider, teleclass provider and conferencing system. Hooray that these expenses can be deducted. They are considered “professional services”
6) Consultation Fees: If you’ve ever booked a consultation with a brand consultant or graphic designer or business coach the IRS considers that a legitimate business expense. And they should, consultants build your business.
7) Classes and Events (online and in-person): Investing in education is just that… an investment! So, for instance, if you took the Bankable Branding course you can get a bit of tax relief for having done so.
I’m a stickler when it comes to finances and I know some of these things tend to fall through the cracks for many business owners. Don’t let it fall through the cracks for you. Oh, and of course, I must say it again, I’m not an accountant so always make sure you check your local and state law regarding this list, but just be sure.
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